Annual Benefit Statement

In compliance with the regulations of the Pension Protection Act of 2006, the Laborer's Pension Fund began sending Annual Benefit Statements to active participants and inactive vested participants in January 2008. You will be sent an Annual Benefit Statement each year based on the last digit of your Social Security Number as follows:

If your Social Security Number ends in:

You will receive your annual benefit statement in:

1

January

2

February

3

March

4

April

5

May

6

June

7

July

8

August

9

September

0

October

Your Annual Benefit Statement provides an explanation of the Fund rules and personalized information about your eligibility for pension. It shows the total number of hours reported by Employers who made contributions to the Laborers’ Pension Fund on your behalf for hours worked under the Collective Bargaining Agreement. The hours that you work in covered employment are totaled for each Plan Fiscal Year (from June 1st through May 31st) and used to determine the number of Pension Credit and Years of Vesting Service accrued with the Laborers’ Pension Fund. These Pension Credits and Years of Vesting Service will determine your Vested status and your entitlement, or future entitlement, to benefits. Pension Credits and Bonus Credits are used to calculate your monthly pension amount.

Annual Benefit Statements include a Pension Credit Worksheet which show the total number hours that have been reported on your behalf for each Plan Fiscal Year. If you would like an Employee Hours History report showing all hours reported by month and employer, please contact our office to request this report.

Pension Credit Worksheets total all Pension Credits, Bonus Credits and Years of Vesting Service. They also include “investigated records." Investigated records are obtained from various sources such as hours listed on microfilm ledger cards before 1972, disability credit based on payment of Weekly Income Benefits (Loss of Time Benefits) from the Laborers' Health & Welfare Fund, Military Service that interrupts work as a Laborer, Reciprocal Pension Credit and Vesting Service reported to other reciprocal pension funds, unreported hours due from work required to be paid on your behalf on or after June 1, 1976, and Contiguous Service. All investigations already completed by the Pension Department have been entered into our system and should be shown on your worksheet. Rest assured that a final investigation of your work history will be completed when you retire to ensure that you are granted all "investigated records" and Pension Credit due. If you have information that has not previously been considered by our office, please contact us to request an investigation.

Explanations of investigated records, the rules for earning Pension Credits, Bonus Credits and Vesting Service, as well as the Vesting requirements are provided on the 2 page Key to Pension Credit Worksheet included with your Annual Benefit Statement. Once you have sufficient Pension Credits or Years of Vesting Service to be Vested and entitled to future pension benefits, your statement will include additional information on the Personalized Pension Estimates section of the Annual Benefit Statement.

Personalized Pension Estimates show your base monthly pension amount, using the information currently available and shown on your Pension Credit Worksheet. The amounts are based on the Single Life Pension option. When you retire, your exact amount of pension will be determined and you will be advised of all survivor options available to you, such as the 50% and the 100% Husband and Wife Provision, and other payment options, if eligible. If your ex-spouse is entitled to a portion of your benefit when you retire due to a Qualified Domestic Relations Order (QDRO), your pension will be reduced accordingly when you retire. Please note that the reduction for a submitted QDRO will not be shown and will be determined once you retire. Please refer to the Summary Plan Description for a complete explanation of the Plan and the payment options available. If you are not Vested, you do not qualify for pension benefits at this time and base monthly amounts will not be listed. If you are Vested, the Earliest Effective Date field will indicate when your pension payments can first commence, provided an application is submitted prior to this date.

The Annual Benefit Statement is for informational purposes only. The Pension Credits and pension amounts listed have not been approved by the Pension Committee of the Board of Trustees and are subject to modification and/or approval at the time that you apply for a pension.

If you do not receive your Annual Benefit Statement, you can request that the Fund send you a copy. This request can be made via mail, telephone or email Pension@chilpwf.com We will need you to provide either your Participant Member Identification Number or Social Security Number, along with your current address. Please note that that you will stop receiving Annual Benefit Statements if you move and fail to notify the Fund of your new address. If you moved in the last year, you may need to submit a Change of Address form.